Core Viewpoint - The company reported a steady growth in insurance service revenue and a significant increase in net profit for the first half of 2025, indicating a strong performance in the property and casualty insurance sector [1][4]. Revenue Performance - In the first half of 2025, the company achieved original insurance premium income of 323.28 billion yuan, a year-on-year increase of 3.6% [1]. - Insurance service revenue reached 249.04 billion yuan, up 5.6% year-on-year, with quarterly growth rates of 6.1% and 5.2% for Q1 and Q2 respectively [1]. - The breakdown of insurance service revenue includes: - Motor insurance service revenue of 150.28 billion yuan, up 3.5% year-on-year [2]. - Non-motor insurance service revenue of 98.76 billion yuan, up 8.9% year-on-year [1][2]. Profitability Metrics - The company reported a net profit attributable to shareholders of 24.45 billion yuan, a year-on-year increase of 32.3% [1][3]. - The combined cost ratio improved by 1.4 percentage points to 94.8% [2][3]. - Underwriting profit reached 13.02 billion yuan, up 44.6% year-on-year [2]. Cost Structure - The combined cost ratio for motor insurance was 94.2%, a decrease of 2.2 percentage points year-on-year, with a claims ratio of 73.1% [2][3]. - The combined cost ratio for non-motor insurance was 95.7%, with improvements in various segments such as agricultural insurance and liability insurance [3]. Investment Performance - Total investment income increased by 26.6% to 17.26 billion yuan, with a non-annualized total investment return of 2.6%, up 0.4 percentage points year-on-year [3]. - The company capitalized on market opportunities to enhance returns from equity assets and bond spreads [3]. Market Position and Future Outlook - The company maintained a market share of 33.5% in the property and casualty insurance sector, reinforcing its leading position [4]. - Future projections indicate continued optimization of business structure and a focus on non-motor insurance, with expectations for the combined cost ratio to maintain an improving trend [4].
中国财险(2328.HK)：投资与承保共同推动盈利增长32%